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Genmar retention program approved by court - Trade Only Today

Genmar retention program approved by court

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Genmar can pay up to 15 midlevel managers a total of $400,000 as part of a retention program, a bankruptcy judge in Minnesota ruled Tuesday.

Genmar, in court filings, said the program is crucial to ensure a smooth execution of the 22-company reorganization and prepare for emergence from Chapter 11.

The Unsecured Creditors' Committee had filed an objection, saying the program is not necessary to ensure these individuals will continue to work for Genmar.

In court documents, the committee said, "During this economic downturn the midlevel managers of Genmar Holdings … will have few, if any, alternatives to working at Genmar Holdings Inc."

The program is described as targeting up to 15 midlevel managers and would issue payments between $4,000 and $40,000, depending on the base salary of the participant.

The committee said it had seen a confidential list of individuals, which identifies the midlevel managers as in-house attorneys or legal staff, accountants and business managers. Three of these managers, it says, have not been identified.

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